MUMBAI, Oct. 31 -- The Mumbai unit of the Central Bureau of Investigation (CBI) has booked a private firm and its two directors for allegedly cheating Canara Bank of Rs.56.63 crore by diverting loan funds and submitting fabricated documents. According to officials, the accused firm, R Private Limited, engaged in the manufacturing of aluminium products, allegedly misappropriated funds sanctioned by the public sector bank, using them for non-sanctioned purposes between 2019 and 2020. The CBI registered the case on October 3 based on a complaint filed by the bank's deputy general manager on July 28. The company's loan account was declared a Non-Performing Asset (NPA) on March 31, 2021, and the bank subsequently reported the fraud to the Reserve Bank of India on December 15, 2023. The bank's complaint alleged that the firm fraudulently submitted inflated stock statements to avail excess drawing power, despite being ineligible for the same. A forensic audit conducted in September 2022 found that the company had overstated its stock value and diverted the excess finance. Investigators allege that the borrowed funds were used to create assets, acquire equities, and invest in debt instruments in violation of loan conditions. The firm also reportedly transferred funds to its group companies and subsidiaries, further breaching sanction terms. "By diverting and siphoning off the funds, the borrower caused a wrongful loss of Rs.56.63 crore to Canara Bank and a corresponding wrongful gain to themselves," a CBI official said. The case has been registered under relevant sections of IPC....